scholarly journals CEO Diversity, Political Influences, and CEO Turnover in Unstable Environments: The Romanian Case

2020 ◽  
Vol 13 (3) ◽  
pp. 59
Author(s):  
Ingrid-Mihaela Dragotă ◽  
Andreea Curmei-Semenescu ◽  
Raluca Moscu
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Board Of Directors ◽  
Chief Executive Officer ◽  
Institutional Investors ◽  
Chief Executive ◽  
Listed Companies ◽  
Ceo Turnover ◽  
The Political ◽  
Financial Environment

This work expands the literature on a less studied topic, the Chief Executive Officer (CEO) turnover in post-communist economies, analyzed during an unstable and ambiguous economic and financial environment. For the period 2005–2010, the results indicate the political inference in CEO turnover decision for the Romanian listed companies. In this period, with great turmoil in the economy determined by the financial crisis of 2008, we also find that CEO gender helps to explain the probability of changing the CEO. Moreover, this paper empirically tests if the financial and corporate governance determinants that are validated in the existing literature work for the Romanian listed companies. We reinforce that CEO turnover decision is negatively related to accounting-based performance. We find evidence of the “voting with their feet” behavior of institutional investors, and of the lack of Board of Directors monitoring. The CEO–Chairman duality and the controlling power of the largest shareholder act as entrenchment mechanisms.

scholarly journals Leadership and Ethnicity in Public Companies in Malaysia

2007 ◽  
Vol 2 (2) ◽  
Author(s):  
Dominic Lai Yew Hock
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Chief Executive Officer ◽  
Stock Exchange ◽  
Chief Executive ◽  
Listed Companies ◽  
Business Culture ◽  
Foreign Direct Investments ◽  
Gross Margin ◽  
Leadership Structure

Corporate Governance gained prominence in Malaysia during the Asian financial crisis of 1997, which operated as a wake up call that the existing corporate governance structures in public listed companies were insufficient. In response, Kuala Lumpur Stock Exchange issued the Listing Requirements on 22 January 2001 to regain investors’ confidence and attract foreign direct investments. The Listing Requirements included a Code of Best Practices in Corporate Governance that favours the leadership structure of separate Chairman/Chief Executive Officer posts. Malaysia is a multi-racial country comprising predominantly of the indigenous Malays, the Chinese and the Indians. The Chinese in Malaysia continue to play a significant role in the economy. These Chinese practise a distinctive Chinese business culture in the running of their businesses. The literature reveals that the adoption of the prescribed leadership structure of separating the Chairman and Chief Executive Officer positions is not likely to improve the financial performance of Chinese controlled companies. An empirical research is conducted, using 218 Chinese controlled public listed companies in Malaysia. The data covered three years from 2001 to 2003. Financial performances of the companies were measured using return on equity, earnings per share, dividend per share, liquid asset per share and gross margin. t-test and Mann Whitney test were used. The results show that there has been widespread adoption of the leadership structure recommended under the Code by the sample companies. The results also show that adoption of the prescribed leadership structure under the Code has no significant impact on the financial performance of the sample companies.

scholarly journals Keberadaan Corporate Governance Sebagai Variabel Moderasi Pengaruh Financial Distress Terhadap Earnings Management

2016 ◽  
Vol 19 (1) ◽  
pp. 91
Author(s):  
Dody Hapsoro ◽  
Adrianus Billy Hartomo
Keyword(s):  
Corporate Governance ◽  
Earnings Management ◽  
Board Of Directors ◽  
Chief Executive Officer ◽  
Firm Size ◽  
Significant Relationship ◽  
Financial Distress ◽  
Audit Committee ◽  
Chief Executive ◽  
Size Variable

<p align="center"><em>The objective of this research is to provide empirical evidence of the effect of financial distress toward earnings management and the effect of financial distress toward earnings management that moderated by corporate governance. Financial distress consists of DISTRESS1, DISTRESS2 and DISTRESS3. Earnings management was measured by discretionary accruals using Jones Model, and corporate governance consists of three variables (board of directors, independent commissioner, and audit committee). Board of directors was measured by total board of directors in the firm included chief executive officer (CEO)</em>.<em> I</em><em>ndependent commissioner was measured by the proportion of independent commissioner that is total independent commissioner divided by total board of commissioner and audit committee was measured by total member of audit committee. Control variable in this research is firm size that was measured by logarithm of asset total. The population of this research is 423 non-financial companies were listed in Indonesian Stock Exchange (IDX). The research data were collected from non-financial companies annual report for the period of 2014. Based on purposive sampling method, there are 62 samples. The research hypothesis were tested by using multiple regression analysis. The results of this research in Model 1 show that firm size variable has significant relationship with earnings management, while DISTRESS1 variable, DISTRESS2 variable, and DISTRESS3 variable have no significant relationship with earnings management. The result of this research in Model 2 show that DISTRESS3 variable, independent commissioner variable, and interaction between financial distress with corporate governance variable have significant relationship with earnings management, while DISTRESS1 variable, DISTRESS2 variable, board of directors variable, audit committee variable, and firm size variable have no significant with relationship earnings management.</em></p><p><em><br /></em></p><p align="center"><strong>Abstrak</strong></p><p align="center"><strong><em> </em></strong></p><p>Tujuan dari penelitian ini adalah untuk memberikan bukti empiris pengaruh kesulitan keuangan terhadap manajemen laba dan pengaruh kesulitan keuangan terhadap manajemen laba yang dimoderasi oleh tata kelola perusahaan. Kesulitan keuangan terdiri dari DISTRESS1, DISTRESS2 dan DISTRESS3. Manajemen laba diukur dengan menggunakan akrual diskresioner yang mengaplikasikan Model Jones, dan tata kelola perusahaan terdiri dari tiga variabel (dewan direksi, komisaris independen, dan komite audit). Direksi diukur dengan menggunakan jumlah dewan direksi di dalam perusahaan termasuk chief executive officer (CEO). Komisaris independen diukur dengan menggunakan proporsi komisaris independen dimana total komisaris independen dibagi dengan total dewan komite komisaris, dan komite audit diukur dengan menggunakan jumlah anggota komite audit. Variabel kontrol dalam penelitian ini adalah ukuran perusahaan yang diukur dengan menggunakan logaritma total aset. Populasi dalam penelitian ini adalah 423 perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia (BEI). Data penelitian dikumpulkan dari laporan tahunan perusahaan non-keuangan untuk periode 2014. Berdasarkan metode purposive sampling terdapat  62 sampel penelitian. Hipotesis dalam penelitian ini diuji dengan menggunakan analisis regresi berganda. Hasil penelitian pada Model 1 menunjukkan bahwa ukuran perusahaan memiliki hubungan yang signifikan dengan manajemen laba, sedangkan variabel DISTRESS1, variabel DISTRESS2, dan variabel DISTRESS3 tidak memiliki hubungan yang signifikan dengan manajemen laba. Hasil penelitian pada Model 2 menunjukkan bahwa variabel DISTRESS3, komisaris independen, dan interaksi antara kesulitan keuangan dengan tata kelola perusahaan memiliki hubungan yang signifikan dengan manajemen laba, sedangkan variabel DISTRESS1, variabel DISTRESS2, dewan direksi, komite audit, dan ukuran perusahaan tidak memiliki hubungan signifikan dengan manajemen laba.<em><br /></em></p>

scholarly journals Aplicação dos princípios da governança corporativa ao sector público

2007 ◽  
Vol 11 (2) ◽  
pp. 11-26 ◽  
Author(s):  
Maria da Conceição da Costa Marques
Keyword(s):  
Corporate Governance ◽  
Chief Executive Officer ◽  
Chief Executive

A corporate governance na perspectiva dos Estados Unidos influenciou largamente a Europa, mas não serviu assim tão bem quanto isso. A corporate governance é para assegurar que as empresas apresentam melhor performance, melhor monitorização e protecção dos investidores. No modelo anglo-saxónico, os accionistas estão longe da empresa, mas nos Estados Unidos as administrações são dominadas pela gestão, e existe algum conflito real entre o CEO (Chief Executive Officer) e o Presidente. Sob várias perspectivas, o modelo europeu é um bom modelo porque a maioria das empresas têm um grupo de accionistas que exercem uma influência directa no controlo dos negócios das empresas, mesmo que alguns não o façam. Em Portugal, esta situação requer novas estruturas e atitudes. As empresas locais ainda não quantificaram os custos de uma fraca governação. O teste deste sucesso será o encaminhamento do capital para mercados onde os investidores têm confiança. Um caminho português deve ser encontrado. Neste estudo pretende-se apresentar como os princípios da corporate governance podem ser aplicados ao sector público.

scholarly journals Corporate governance and board of directors in Greek listed companies

2017 ◽  
Vol 13 (2) ◽  
pp. 38-45 ◽  
Author(s):  
Chryssoula Tsene
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Listed Companies ◽  
Company Law ◽  
Board Members ◽  
Executive Directors ◽  
Shareholder Protection ◽  
Key Factor ◽  
Code Of Corporate Governance ◽  
Legal Mechanism

Corporate governance is widely acknowledged as a key factor of market’s efficiency and corporate performance. Greek company law, under the influence of the financial crisis, has responded actively by incorporating in national law EU directives on corporate governance of listed companies and by adopting recently self-regulatory provisions. This regulatory framework contributes essentially to enhance board accountability and transparency, empower shareholder protection and promote financial disclosure. In that regard, two pillars should be illustrated as regards board of directors in listed companies: Greek company law provides traditionally for the establishment of the general duties of loyalty and care of all board members in companies limited by shares, which are furthermore reinforced by the provisions of the Hellenic Code of Corporate Governance for listed companies. Secondly, hard law rules introduce the participation of non-executive and non-executive independent directors as a legal mechanism of confronting agency problems in listed companies. These provisions have been strongly argued as regards the exact content of the obligations of all board members of listed companies to promote the corporate interest and especially as regards the monitoring role of non-executive directors. These conceptions should be followed by empirical researches in order to address a completely legal and functional approach.

scholarly journals Implementing the board of directors’ mechanism – An empirical study of the listed firms in Libya

2018 ◽  
Vol 14 (1) ◽  
pp. 22-33 ◽  
Author(s):  
Jill Atkins ◽  
Mohamed Zakari ◽  
Ismail Elshahoubi
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Boards Of Directors ◽  
Listed Companies ◽  
Board Members ◽  
Corporate Boards ◽  
Listed Firms ◽  
Stakeholder Groups ◽  
The Board Of Directors ◽  
Executive Managers

This paper aims to investigate the extent to which board of directors’ mechanism is implemented in Libyan listed companies. This includes a consideration of composition, duties and responsibilities of the board directors. This study employed a questionnaire survey to collect required data from four key stakeholder groups: Boards of Directors (BD), Executive Managers (EM), Regulators and External Auditors (RE) and Other Stakeholders (OS). The results of this study provided evidence that Libyan listed companies generally comply with the Libyan Corporate Governance Code (LCGC) requirements regarding the board composition: the findings assert that most boards have between three and eleven members, the majority of whom are non-executives and at least two or one-third of whom (whichever is greater) are independent. Moreover, the results indicate that general assemblies in Libyan listed companies are practically committed to the LCGC’s requirements regarding the appointment of board members and their length of tenure. The findings provide evidence that boards in Libyan listed companies are carrying out their duties and responsibilities in accordance with internal regulations and laws, as well as the stipulations of the LCGC (2007). Furthermore, the stakeholder groups were broadly satisfied that board members are devoting sufficient time and effort to discharge these duties and responsibilities properly. This study helps to enrich our understanding and knowledge of the current practice of corporate boards as a significant mechanism of corporate governance (CG) by being the first to address the board of directors’ mechanism in Libyan listed companies.

4 SIAC Corporate Structure

2018 ◽  
Author(s):  
Choong John
Keyword(s):  
Board Of Directors ◽  
Chief Executive Officer ◽  
Chief Executive ◽  
International Arbitration ◽  
Corporate Structure ◽  
The Board Of Directors

This chapter discusses the corporate structure of the Singapore International Arbitration Centre (SIAC). The SIAC administers arbitrations for which it is responsible by appointing arbitrators, managing the financial and practical aspects of cases, carrying out supervisory functions entrusted by the SIAC Rules, and scrutinizing and issuing awards. It performs these roles through the following organs: (a) the board of directors, which is under the supervision of a chairman; (b) the SIAC Court, which is led by a president; (c) the chief executive officer; and (d) the secretariat, which includes the registrar. In addition, the SIAC has three overseas liaison offices which do not administer cases but promote the SIAC as an arbitral institution.

scholarly journals Reaksi Pasar Terhadap Pengumuman Pergantian CEO di Bursa Efek Indonesia

2018 ◽  
pp. 2430
Author(s):  
I Kadek Diky Agusnawan ◽  
Dewa Gede Wirama
Keyword(s):  
Event Study ◽  
Chief Executive Officer ◽  
Capital Market ◽  
Abnormal Return ◽  
Abnormal Returns ◽  
Chief Executive ◽  
Ceo Turnover ◽  
Company Performance ◽  
Cumulative Abnormal Return ◽  
Event Study Method

Announcement of CEO turnover indicates a change in company management in order to improve company performance. The purpose of this study is to test whether the capital market reacts to CEO turnover announcements. This study uses event study method and the sample was selected purposively. The research sample consisted of 79 companies listed in the IDX. Based on the results of the analysis it is found that there are no abnormal returns around the CEO turnover announcement. The results shows that there is no information content in the CEO turnover announcement. The results of this study is consistent with the research of Warner et al., (1998) and Setiawan (2008). The results of the study is not consistent with the research of Weisbach (1988), Kang and Shivdasani (1996), Derment-Ferere and Renneboog (2000), Bahtera (2017). Keywords: Chief executive officer, cumulative abnormal return, market reaction

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